The results are in from 2023’s KYC Trends survey. And it’s clear that there are many factors having a real impact on the financial industry and shaping the way financial institutions make decisions.
Fenergo surveyed over 1000 Chief Operations Officers, Chief Compliance Officers, Chief Risk Officers and Chief Information Officers at Tier 1 global investment banks. The data tells the story of how regulatory demands and global macroeconomic factors have affected KYC and how banks onboard, monitor, and manage their clients since last year.
In 2022, Fenergo’s annual research survey of global investment banks yielded data that underlined a Know Your Customer (KYC) environment where onboarding customers was laborious, time-consuming, and costing banks up to $35 million a year.
Global financial penalties for non-compliance with anti-money laundering (AML) regulations cost financial institutions $4.2 billion in 2022, though this figure is down 21% from 2021, a downward trend which continued with an 88% drop in H1 of 2023.
How successfully have banks responded to regulatory demands and global economic challenges across 2023? Is KYC compliance still a significant cost center, or has digitalization delivered much-needed efficiencies and assurance in the last twelve months for banks?
In this report, Fenergo reveals:
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